I have posted here before . Have an IVA was considering drawing on my pension as I need to do things to the house to keep it in good repair. It's a state pension that had been accumulating for a while. How much will I have to give to IVA ? Is the pension funds accumulated counted as a bonus/ windfall?
Sharing from experiences of dealing with debt
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Hi Carol - it will depend a little on what your proposals stae was to happen with your pension.
If it is excluded then it will be yours to do with as you wish but I suspect if you cash it in without a variation agreement you will have to pay the lump sum over.
I don't recommend cashing in pensions if you can avoid it but perhaps it might be best that you offer to do a F&F settlement from the proceeds instead and finish your IVA early (If you are serious about cashing it in).
Perhaps an alternative would be a payment holiday to allow you some funds for essential repairs (or see if your IP will use discretion to reduce contributions slightly to free up some funds if you can prove they are essential)
Last edited by Lisa Thomas on Wed Mar 30, 2016 12:02 pm, edited 1 time in total.
